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Greek Entrepreneur Threatens to Confiscate Cosco Ship

A Strong quarrel broke out between the Chinese company Cosco and Greek ship-owning businessmen. The fight revolved around Cosco’s decision to reduce the charter, although they had already signed a charter agreement requiring different prices.

One of the most powerful ship-owners, and owner of Dryships Company, Mr George Oikonomou stated that Cosco is ignoring their agreement.  He warned Cosco that they will be forced to confiscate the ship if this situation continues.

In 2008, Cosco signed a charter party regarding transportation ships costing $100.000 per day and today a same type ship costs appr. $18.000.

Mr. Oikonomou explained in his interview with Financial Times that the charter out cannot be further reduced. Cosco has plenty of time to decide how to pay off its debt, otherwise the ship owner will have to move on with ship confiscations. M. Oikonomu has chartered out 18 ships. Their charter out party amount is $500 million.

Representatives of Cosco answered immediately that the current issues will be handled soon.

(Source:Proto Thema)

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